Business
Soludo signs 2022 revised budget, borrows N100bn to fix ‘critical’ infrastructure
Chukwuma Soludo, governor of Anambra, has signed the 2022 revised budget of N170 billion into law.
A revised budget means a budget through which major changes are made in respect of receipts or payments for which either no provision is available or the provision available is inadequate in the current year’s budget.
Aburime Christain, press secretary to the governor, disclosed this in a statement on Friday.
Soludo further said though the resources at the government’s disposal were abysmally lean and earnings from the oil sector were so low, his administration would bridge the deficit through multiple strategies, including cutting expenditure and a prudent procurement process.
He also appreciated the approval and understanding of the state assembly members in carrying out the borrowing proposal.
He said the approval of the N100 billion borrowing plan would boost the effective execution of critical infrastructure.
“Not all the borrowed money will be spent this year; it will be re-fenced and used for critical infrastructure development, particularly in building roads, bridges and others,” the governor said.
“There will be absolute prudence in making sure the people of Anambra get value for the money borrowed and every kobo judiciously used to create wealth.
“My administration is currently cleaning up the state wage bill and the payroll system.”
He further commended the Anambra lawmakers for being diligent, responsible and responsive, adding that there should be a stronger synergy between the legislature and other arms of government.
“There were no underhand dealings in signing the budget, rather the process was conducted with integrity, patriotism and responsiveness,” he added.
The Naira yesterday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend.
Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for the naira.
The volume of dollars traded (turnover) fell by 55.2 percent to $108.79 million from $243.05 million traded last week Friday.
Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.
The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.
The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.
Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.
https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F
“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.
“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”
Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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